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Sunday, October 24, 2021

Gold market under long liquidation; Support seen at 33311

MCX Natural Gas may trade in a range between 185.8-195.2

Crude Oil market under long liquidation; Support seen at 4032

MCX Zinc under long liquidation; Support seen at 190.5

MCX Silver may trade in a range between 39851-40713

MCX Copper likely to move in a range of 451.8-459.2

Technically Gold market is under long liquidation as market has witnessed drop in open interest by 8.89% to settled at 14520 while prices down 421 rupees.

Now MCX Gold is getting support at 33311 and below same could see a test of 33173 levels and resistance is now likely to be seen at 33693, a move above could see prices testing 33937.

Gold on MCX settled down -1.24% at 33449 as the dollar inched up after minutes from the last U.S. Federal Reserve meeting rekindled expectations of another rate hike this year. Investors were also keeping a close eye on talks to end a trade dispute between China and the United States.

The Fed, in the minutes of its latest meeting in January, said the U.S. economy and its labour market remained strong, prompting some expectations of at least one more interest rate hike this year.

Markets were still on the lookout for signs of progress in the latest round of trade negotiations between the United States and China, amid expectations that U.S. President Donald Trump will meet Chinese President Xi Jinping next month to strike a deal.

US President Trump said that trade negotiations were going well and suggested he was open to pushing off the March 1 deadline to complete negotiations. Reflecting investor appetite for bullion, holdings of the SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose 0.26 percent to 794.50 tonnes.

The European Commission said that the flash consumer confidence indicator in the euro area rose by 0.5 point to -7.4 in February and came in slightly better than the market expectation of -7.8. China’s central bank is not yet ready to cut benchmark interest rates to spur the slowing economy, despite cooling inflation and a stronger yuan, which have fanned market expectations of such a move, policy sources told.

Trading Ideas:
–Gold trading range for the day is 33173-33937.
–Gold dropped as the dollar inched up after minutes from the last U.S. Federal Reserve meeting rekindled expectations of another rate hike this year.
–Investors were also keeping a close eye on talks to end a trade dispute between China and the United States.
–The Fed, said the U.S. economy and its labour market remained strong, prompting some expectations of at least one more interest rate hike this year.

Courtesy: Kedia Commodities

Source: Commodityonline.com

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